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Smart Transportation Market Size Worth $285.12 Billion by 2024: Grand View Research, Inc.SAN FRANCISCO, June 5, 2018 /PRNewswire/ -- The global smart transportation market size is estimated to reach USD 285.12 billion by 2024, according to a new study by Grand View Research, Inc., registering a CAGR of 22.5% during the forecast period. Rising number of on-road vehicles and ineffective existing transport infrastructure are expected to propel the need for efficient management systems. Favorable government initiatives for building better infrastructure and smooth running of existing transport systems are expected to boost industry growth. (Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg ) Increasing investments in smart city projects are anticipated to open up new avenues for growth in the coming years as smart transportation is an integral part of any smart city. In addition, rising government focus on reducing greenhouse gas emissions and curbing alarming levels of traffic congestion is anticipated to drive industry growth over next few years. Increasing number of government mandates, such as those by the European Union (EU) and Directive on Intelligent Transport System, are also anticipated to favor the market during the forecast period. On the flip side, need for massive capital for replacing existing infrastructure with smart technologically advanced systems is expected to hinder industry growth. Longer downtime for replacing existing systems may also pose a challenge to its growth and can affect daily commute. Browse full research report with TOC on "Smart Transportation Market Size, Share & Trends Analysis Report By Solution (Parking, Traffic Management, Integrated Supervision), By Service (Cloud, Business, Professional), And Segment Forecasts, 2018 - 2024" at: https://www.grandviewresearch.com/industry-analysis/smart-transportation-market Further Key Findings From the Report Suggest:
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Grand View Research has segmented the global smart transportation market report based on solution, service, and region:
Explore the BI enabled intuitive market research database, The Grand Library, by Grand View Research, Inc. About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. Contact: Web: https://www.grandviewresearch.com |